JPMorgan downgrades NYSE owner ICE on valuation

A trader passes by a screen that displays the trading info for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016.

Shares of NYSE parent company Intercontinental Exchange are overvalued, JPMorgan told clients Wednesday, downgrading the stock to neutral from overweight. Volume for futures trading may cool this year, the bank also said.

JPMorgan is concerned that return on invested capital is weakening and therefore investors won't pay a higher multiple for the stock.